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MICHIGAN – FEBRUARY 2011

Summary “All Ages” Communities - JLT Associates surveys cover thirteen major markets and includes 322 “All Ages” communities with 106,859 homesites. The occupancy rate decreased 1.5% (-1,235 homesites) from February 2010 to February 2011. The February 2011 occupancy rate is 74%. At February 2011, the average adjusted monthly homesite rent is $361, a .5% ($2) increase over February 2010.

Summary “55+” Communities - “55+” communities are located in seven of the thirteen major markets. The surveys include 14 “55+” communities with 4,560 homesites. The occupancy rate decreased 1.8% (-71 homesites) from February 2010 to February 2011. The February 2011 occupancy rate is 83%. At February 2011, the average adjusted monthly homesite rent is $383, a 1% ($4) increase over February 2010.

Allegan/Muskegon/Ottawa Counties

This survey includes 38 “All Ages” communities with 11,181 homesites. The occupancy rate is 77%, a .7% increase (+58 homesites) over February 2010. Country Meadows and Rabbit River were added to the survey and Wayside (closed) was dropped from the survey in 2011.

At February 2011, the average adjusted monthly homesite rent is $310, a 1.6% ($5) increase over February 2010.

West Olive Estates can build an additional 460 homesites, Hunter’s Glenn can build an additional 116 homesites and Egelcraft can build an additional 42 homesites.

Only twenty (20) communities (53%) implemented a rent increase during the past year.

Only nine (9) communities (24%) reported occupancies of 95% or higher.

Barry/Kalamazoo Counties

This survey includes 17 “All Ages” communities with 4,702 homesites and 2 “55+” communities with 502 homesites. The occupancy rate in the “All Ages” communities is 69%, a 2.2% (-72 homesites) decrease over February 2010. The occupancy rate in the “55+” communities is 90%, a .9% increase (+4 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent in the “All Ages” communities is $326, a .9% ($3) increase over February 2010. At February 2011, the average adjusted monthly homesite rent in the “55+” communities is $400, a 1% ($4) increase over February 2010.

Only eight (8) communities (42%) implemented a rent increase during the past year.

Only three (3) communities (16%) reported occupancies of 95% or higher.

Genesee County

This survey includes 40 “All Ages” communities with 12,273 homesites and 3 “55+” communities with 1,162 homesites. The occupancy rate in the “All Ages” communities is 52%, a 4.6% decrease (-307 homesites) over February 2010. The occupancy rate in the “55+” communities is 82%, a .8% decrease (-8 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent in the “All Ages” communities is $338, a .6% (-$2) decrease over February 2010. The decrease is attributed to the increase of utility costs included in the monthly rent in excess of annual rent increases. At February 2011, the average adjusted monthly homesite rent in the “55+” communities is $366, a .8% ($3) increase over February 2010.

Only eighteen (18) communities (42%) implemented a rent increase during the past year.

Only one (1) community (2%) reported occupancies of 95% or higher.

Kent County

This survey includes 36 “All Ages” communities with 8,271 homesites and 1 “55+” community with 237 homesites. The occupancy rate in the “All Ages” communities is 78%, a 1.5% decrease (-101 homesites) over February 2010. The occupancy rate in the “55+” community is 94%, a 3.5% decrease (-8 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent in the “All Ages” communities is $346, a .6% ($2) increase over February 2010. At February 2011, the average adjusted monthly homesite rent in the “55+” community is $360, a 2.6% ($9) increase over February 2010.

Only fourteen (14) communities (38%) implemented a rent increase during the past year.

Only four (4) communities (11%) reported occupancies of 95% or higher.

Lansing MSA

This survey includes 27 “All Ages” communities with 6,263 homesites and 2 “55+” communities with 698 homesites. Kristina Mobile Village, Maple Knoll and Village Square were added to the survey and Capital Crossing was dropped from the survey in 2011. The occupancy rate in the “All Ages” communities is 75%, a .5% decrease (-26 homesites) over February 2010. The occupancy rate in the “55+” communities is 89%, a 1.1% decrease (-7 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent in the “All Ages” communities is $329, a .6% ($2) increase over February 2010. At February 2011, the average adjusted monthly homesite rent in the “55+” communities is $344, the same as February 2010.

Only twelve (12) communities (44%) implemented a rent increase during the past year.

Only two (2) communities (7%) reported occupancies of 95% or higher.

Capital Crossings can build an additional 322 homesites, Independence Commons can build an additional 120 homesites and Sunset Ridge can build an additional 310 homesites.

Lapeer County

The survey includes 11 “All Ages” communities with 2,176 homesites. The occupancy rate is 85%, a 1% decrease (-19 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent is $271, the same as February 2010.

Only three (3) communities (27%) implemented a rent increase during the past year.

Only two (2) communities (18%) reported occupancies of 95% or higher.

Livingston County

The survey includes 10 “All Ages” communities with 3,478 homesites. Cider Mill Crossing was dropped from the survey in 2011. The occupancy rate is 77%, a .5% increase (+14 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent is $348, a $2 decrease over February 2010. The decrease is attributed to the increase in utility costs included in rents offset by no rent increases.

None of the communities implemented a rent increase during the past year.

No communities reported an occupancy rate of 95% or higher.

Macomb County

This survey includes 29 “All Ages” communities with 14,038 homesites. The occupancy rate is 74%, a 2.1% decrease (-228 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent is $413, a .5% ($2) increase over February 2010.

Only ten (10) communities (34%) implemented a rent increase during the past year.

Only three (3) communities (10%) reported occupancies of 95% or higher.

Monroe County

This survey includes 17 “All Ages” communities with 6,634 homesites. The occupancy rate is 76%, a 1.3% decrease (-67 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent is $346, a 2.1% ($7) increase over February 2010.

Only twelve (12) communities (71%) implemented a rent increase during the past year.

No communities reported occupancies of 95% or higher.

Raisin Ridge can build an additional 106 new homesites.

Oakland County

This survey includes 40 “All Ages” communities with 15,523 homesites and 2 “55+” communities with 945 homesites. Holly Hills were dropped from the survey in 2011. The occupancy rate in the “All Ages” communities is 77%, a 2.7% decrease (-328 homesites) over February 2010. The occupancy rate in the “55+” communities is 75%, a 4.3% decrease (-32 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent in the “All Ages” communities is $399, a 1.5% ($6) increase over February 2010. At February 2011, the average adjusted monthly homesite rent in the “55+” communities is $474, a $2 increase (.4%) over February 2010.

Only twenty-three (23) communities (55%) implemented a rent increase during the past year.

Only eight (8) communities (19%) reported occupancies of 95% or higher.

Ridgewood can build an additional 142 new homesites.

St. Clair County

This survey includes 15 “All Ages” communities with 4,902 homesites and 1 “55+” community with 210 homesites. The occupancy rate in the “All Ages” communities is 64%, a 1.4% decrease (-43 homesites) over February 2010. The occupancy rate in the “55+” community is 97%, the same as February 2010.

At February 2011, the average adjusted monthly homesite rent in the “All Ages” communities is $327, a 5.8% decrease (-$20) over February 2010. The decrease is attributed to the large reduction in rent ($71 - $79) at the largest community in this market. This community was taken over by the lender. The average adjusted monthly homesite rent in the “55+” community is $268, a 10.3% increase ($25) over February 2010.

Only two (2) communities (12%) implemented a rent increase during the past year.

Only five (5) communities (31%) reported an occupancy rate of 95% or higher.

Washtenaw County

This survey includes 15 “All Ages” communities with 5,767 homesites. The occupancy rate is 84%, a .4% decrease (-18 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent is $416, a 1% ($4) increase over February 2010.

Only five (5) communities (33%) implemented a rent increase during the past year.

Only two (2) communities (13%) reported occupancies of 95% or higher.

Augusta Woods can build an additional 191 new homesites.


Wayne County

This survey includes 27 “All Ages” communities with 11,651 homesites and 3 “55+” communities with 806 homesites. The occupancy rate in the “All Ages” communities is 80%, a 1% decrease (-98 homesites) over February 2010. The occupancy rate in the “55+” communities is 79%, a 3% decrease (-20 homesites) over February 2010.

At February 2011, the average adjusted monthly homesite rent in the “All Ages” communities is $377, a .5% ($2) increase over February 2010. At February 2011, the average adjusted monthly homesite rent in the “55+” communities is $361, a 1.1% ($4) increase over February 2010.

Only ten (10) communities (33%) implemented a rent increase during the past year.

Only three (3) communities (10%) reported occupancies of 95% or higher.


MANUFACTURED HOME COMMUNITY RENT SURVEYS SUMMARY SOUTHEAST REGION – JANUARY 2011

Charlotte

The Charlotte survey includes fourteen (14) communities with 2,733 homesites. 13 are classified as “all ages” and one is classified as “55+”. There are 2,542 “all ages” homesites and 191 “55+” homesites.

The January 2011 occupancy rate in the “all ages” communities is 77%, a 3.1% increase (+58 homesites) over January 2010.

The January 2011 occupancy rate in the “55+” community is 92%, the same as January 2010.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $257, an increase of $6 (2.4%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Eleven (11) communities (79%) implemented a rent increase during the past year.

The average adjusted monthly rent (rent after deducting services) in the “55+” community is $260, an increase of $10 (4%) over January 2010.

Only two (2) communities (14%) reported occupancies of 95% or higher.

Raleigh

The Raleigh survey includes 12 “all ages” communities with 2,591 homesites.

The January 2011 occupancy rate is 86%, a 2.1% decrease (-48 homesites) over January 2010.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $363, an increase of $10 (2.8%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

All twelve (12) communities implemented a rent increase during the past year.

Only three (3) communities (25%) reported occupancies of 95% or higher.

MANUFACTURED HOME COMMUNITY RENT SURVEYS SUMMARY

SOUTHWEST REGION – JANUARY 2011

Las Vegas

The Las Vegas survey includes 26 “all ages” communities with 6,305 homesites. At January 2011, the occupancy rate was 85%, a 2.7% decrease (-149 homesites) over January 2010.

The survey includes 20 “55+” communities with 5,978 homesites. The January 2011 occupancy rate is 90%, a 2.5% decrease (-138 homesites) over January 2010.

The average adjusted monthly rent (rent after deducting services) in the “all ages”” communities is $500, an increase of $10 (2%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted monthly rent (rent after deducting services) in the “55+” communities is $538, an increase of $9 (1.7%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Only thirty-four (34) communities (74%) implemented a rent increase during the past year.

Only thirteen (13) communities (28%) reported occupancies of 95% or higher.

Albuquerque

The Albuquerque survey includes 18 “all ages” communities with 5,194 homesites. The January 2011 occupancy rate is 88%, a 1.5% increase (+68 homesites) over January 2010.

The survey includes 4 “55+” communities with 951 homesites. The January 2011 occupancy rate is 98%, a .3% increase (+3 homesites) over January 2010.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $368, an increase of $6 (1.7%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted monthly rent (rent after deducting services) in the “55+” communities is $462, an increase of $15 (3.4%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Only sixteen (16) communities (73%) implemented a rent increase during the past year.

Only fourteen (14) communities (64%) reported occupancies of 95% or higher.

Tucson

The Tucson survey includes 17 “all ages” communities with 4,635 homesites. The January 2011 occupancy rate is 90%, a 1.1% decrease (-45 homesites) over January 2010.

The survey includes 13 “55+” communities with 3,984 homesites. The January 2011 occupancy rate is 92%, a 1% decrease (-35 homesites) over January 2010.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $329, an increase of $7 (2.2%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted monthly rent (rent after deducting services) in the “55+” communities is $385, an increase of $6 (1.6%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Twenty-four (24) communities (80%) implemented a rent increase during the past year.

Only seventeen (17) communities (57%) reported occupancies of 95% or higher.

Salt Lake City

The Salt Lake City survey includes 29 “all ages” communities with 5,696 homesites. The January 2011 occupancy is 95%, a 1.2% increase (+64 homesites) over January 2010.

The survey includes 6 “55+” communities with 1,236 homesites. The January 2011 occupancy rate is 94%, a .7% increase (+8 homesites) over January 2010.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $415, an increase of $13 (3.2%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted monthly rent (rent after deducting services) in the “55+” is $406, an increase of $11 (2.8%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

Twenty-nine (29) communities (83%) implemented a rent increase during the past year.

Only twenty-seven (27) communities (77%) reported occupancies of 95% or higher.

Greater Kansas City

The Greater Kansas City survey includes 23 “all ages” communities with 7,370 homesites. The January 2011 occupancy rate is 74%, a 1.3% decrease (-71 homesites) over January 2010.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $318, an increase of $5 (1.6%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.
     
Only eleven (11) communities (48%) implemented a rent increase during the past year.

Only three (3) communities (13%) reported occupancies of 95% or higher.


Greater Phoenix Area

The Greater Phoenix Area survey includes communities located in the following sub-markets: Apache Junction, Chandler, Glendale, Mesa, Peoria, Phoenix, Scottsdale and Tempe. 119 communities are included in our report. Effective January 1, 2011, Grand Missouri (Glendale market) is classified as an “all ages” community.

The survey includes 34 “all ages” communities with 8,388 homesites. At January 2011, the occupancy rate is 84%, a 2.4% decrease (-174 homesites) over January 2010.

The survey includes 85 “55+” communities with 22,927 homesites. The January 2011 occupancy rate is 92%, a .4% decrease (-88 homesites) over January 2010.

The average adjusted monthly rent (rent after deducting services) in the “all ages” communities is $390, an increase of $8 (2%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

The average adjusted rent (rent after deducting services) in the “55+” communities is $449, an increase of $12 (2.8%) over January 2010. Many communities include some service(s) such as water, sewer, trash removal, lawn mowing and/or cable TV in the monthly rent.

One hundred three (103) communities (87%) implemented a rent increase during the past year.

Only fifty-six (56) communities (47%) reported occupancies of 95% or higher.


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John Turzer is the President of JLT & Associates, a full service real estate market research company specializing in the manufactured housing industry. The company conducts pre-acquisition and new community development market research, due diligence, a one-day sales training program and client specific consulting projects. JLT & Associates also prepares and markets manufactured home community rent surveys for 71 markets nationwide including Albuquerque, Atlanta, Las Vegas, Greater Phoenix, Tucson, Salt Lake City, Kansas City, Minneapolis/St. Paul, Raleigh, Charlotte, Seattle and major markets in Florida, Texas, Michigan, New York, Colorado, Indiana, Ohio and Oregon. He can be reach at (808) 283-3380, (808) 659-5517 (fax) or by email at JohnTurzer@aol.com. Website: www.JLT-Associates.com.